Oil Prices Rise Slightly Amid Russia-Ukraine Tensions, Demand Concerns

London – Oil prices rose slightly on Monday, supported by heightened tensions between Russia and Ukraine, although concerns about sluggish fuel demand in China and expectations of a global oil surplus kept market sentiment cautious.

Brent crude futures climbed 55 cents, or 0.8%, to $71.59 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 43 cents, or 0.6%, to $67.45 a barrel by 0954 GMT.

The uptick came after Russia launched its largest airstrike on Ukraine in nearly three months over the weekend, causing significant damage to Ukraine’s power infrastructure. However, broader market pressures, including worries over Chinese demand and the potential for an oversupply of oil, capped gains.